Power play

Babcock & Brown has sold a portfolio of wind farms in Portugal to a consortium of investors led by Magnum Capital for around €1.15bn.

Babcock & Brown has sold a portfolio of wind farms in Portugal to a consortium of investors led by Magnum Capital for around €1.15bn.

The portfolio, which is jointly owned in a 50/50 joint venture with Babcock & Brown Wind Partners, comprises approximately 515MW of operational wind farms and a further 156MW of wind farms which are under construction.

As part of the transaction and consideration, Babcock & Brown has also sold certain Portuguese wind energy service companies to Magnum.

The proceeds will be used by the company to pay down project debt secured against European wind assets.

Babcock & Brown has retained ownership of its other wind interests in Portugal, which include 123MW of projects under construction, 38MW of projects under development and its interest in the Ventinveste wind tender consortium.